Fed's Dudley: expectations for mid-2015 rate lift-off reasonable
Reuters
Published Nov 13, 2014 05:13AM ET
Fed's Dudley: expectations for mid-2015 rate lift-off reasonable
ABU DHABI (Reuters) - Market expectations that U.S. interest rates will start to lift off sometime in mid-2015 are reasonable, New York Federal Reserve President William Dudley said on Thursday.
Dudley, answering questions at a luncheon hosted by the United Arab Emirates central bank in Abu Dhabi, also said recent U.S. non-farm payroll data had been very consistent with previous releases, and had not changed his policy outlook in any meaningful way.
He said he could not give the likely timing for when the Fed would start raising interest rates, but that it would depend on how the U.S. economy was evolving and how financial markets were reacting.
"No, I cannot give you more specifics and the long answer is: because I do not know. It really depends on how the economy evolves and how we progress towards our objectives of maximum sustainable employment in the context of price stability."
In his luncheon speech earlier, Dudley said hiking interest rates too early would pose "considerably greater" risks for the Federal Reserve than moving too late.
(Reporting by Martin Dokoupil and Stanley Carvalho; Editing by Andrew Torchia)
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